Chicago Daily Tribune Newspaper, November 4, 1876, Page 11

'H The 014 Galena—How It and AR LLRAVALIN DS NVLUUIVDLD™T TG VILAVAGTGUY A A DULN I Hon t the Galena & Chicaro Unlon ft cannot do better than give th 1 thels d th Inted hlet t ont, | ed wheth ayth w arer paid for Comunny had always, prior to the 2d 4 hetter than give the words of thelr it 6 printed pamphlet was pul ol I+ iether _anything TILDEN. Copmashol hyern, ireric ot dey own report of the matir, n folow: fosteiiag, the whale Bicey f The, teorep: | tinatock andthe gepsral promumetion s that Tor ning and operating the aaid rallroad of cvery name and nature, and tho interest npon ita bonded fn- debtedness, and each year provided n ainking fund of many thonsand dollars, which would liguidate all {ta bonded indubtednesn long prior fo its ma- urity, and haa for o number of Yeors fnst past pakl a dividend of nut Jess than 6 per cont to cach and every one of ita stockholders, upon the amount of l!nck helrl by them. and that 14 tock was, on ;.,l: ;:;l,fl,:] of June, 18tH, worth from 8140 to §147 And Samuel J, Tilden and tho same personn who Are hereinbefore refereed o na helng apecintly in- it was divided gratuitously smong tbe Directors who built the road and Ieaserl it to the Bt. Louls, Terre Haute & Alton. It ia stated that the lense of the Belleville & Bouthern Illinois at 40 percent of the gross earnings caures 8 Insa overy year to the lesace, the 8t. Louls, Alton & Terre Haute Company, catimated ot about 20 per cent. Among the parties who conatructed tho Belleyille & Sunthern Tilinofs Road, and afterwardn Jeased It to the unfortunate St Louls, Alton & Terre Haute Company, were Mr, 8amel J, Tilden and four others of the ‘Tha rasult of the voting at the annual meeting, aanliown lythe certificate of the inepectors of clection, pluced In office for tho ensuing threw years, under the Classifieation act, the four gentle- men voted for by Mr. Butler, the Prealdent of the Company, and certified to their voto as havinzheen nhout 411, 3K), agalnst 37,400 recoived by the gen- tleman for whom we_had voted. A large propor- tion of the vota caat by Mr, Butlor was made np, as Wo were surprised todiscover, of pruxies more than five {unn old, Itincinded a vata npon tho retired bonds of the Comgmy. contained in the sinking fund—ahout accounte of the Prrchasing Commlttee, thin surnius of honds {8 acknowledgrd in he_hands of the Pur- chasing Committec, There bonds, it Is apparent. sliould ut that time have been canceled or placed in poaseanlon of the new corporation for thelr use, #ince the llmit of the powerof the Purchasing Com+ infttee to disbarae thein was contained in the reor- P ig Career of Usefulness as Railroad Lawyer and Putter-Up of Jobs. ganizing agreement by virtne of which they exiat. ed a3 Trus{ees, and every demand upon the bonds which woulit artne from the roorganizing sgreement had been actually discharged. The only subaequent mention of thia sorpins of K bonds appears in the anpual statement made by imical to the snld (alona & Chicago Union Liaflroad | 33,000 out of the 40,000 voten, Several proxies, of- P! ! rustees of that Company. As to the proprict; oty nd o ciahe i ento Unlon Halirond | G oy Kre itler, wars it o b atcsns | the Executive’ Committon to tho stockiolders uf | Fristecs o o propricty the Company, dated March, 1804, following mention of them {s made: In the final ld&lfll'mml with the Purchadng Com. of their acting in this dual capacity tho render may be mmgvcnw Judge lmxhymcll. What is thought of it by the Committce of the Bt. < + . » all of whom whom your orator ea were hostlle o the best interests of the #afd (ialena & Chicaga Unton* Rallrond Company, of the persons who cxecuted them years sgo hay- Ing nince died, to the personal knowledge af some of um. There \weee donbtiess tnany such cancs that or, cha Ono Million Were Stolen e Tinbilitirs of tha oid Compa: | oufs, Alton & Terre Hnute stockholders is ) and wero scerelly and encaped aur objectlon, on scconnit of the death not | o ey n.:hulw 3 e olders’ ent H Through Sammy's A SNTUT COREPERING heing within oir persant knowlodge, . 1n addition '.’.!:.',':‘;,""’.‘,zaz'n"".'.‘;".'..".".:;:?.."in’;.':. pceong | definiiely atated in the following paragraphs, . with the Chicago & Northwestern Hailrond Com. | 10 thls, a large nambor of votes morteage honds, it {8 protisble that aboat $100,000 of | which we clip from thelr reports: Chicanery pAny. . oo« did by and withthelrconnivance UPON PROXIES PALPABLY TLLEGAL, IR G e S of the second preferted, and | 7112 LEASE OF TN NELLEVILLE & BOUTHERN it ra0d of The ighin- of yumv arntar and tho | Wero receivad Ly the insyectorn arainat onr pro- | 5300l ho tacdnio ands, may not be required aad ILLINDIS ROAD. — ntacknolders of thie mald corporation fraudulently | tnet, and without any regard (o thalr action in the | "neye of ‘the three. members of the Fxecntive | THe learc of the fcllerllie & Bonthern Tinola take possesalon of nll the property, richte, privi- | premisce, Commitice were plso members of the Purchasting Road dnes not compare favorably as a husiners the st LO\flS, Al= | legea, and franchises of the safd Galens & Chicazo As aniilustration, morcly, a proxy was present- Committae. transaction with the leane of the main line. ‘The The Way th i Unlon Ntafiroad Company. . . . . . And the | od signed in 1865 Dy Mr. Tack, g Prsident of e Orly other fact we havo heen able fo ancer- | BAME persons who lesned to the Indlanspolis & St Terre Hauto #aid Tilden, aa atforney and Director of aalil roud, | thé Terro Hatte & Richmond Ttoad; Lo e e e T bF examting the | Louis Company the main line of the Torre Hante ton & Ter haa recently causod sald stock of tho Peninanla | M. Peck loft the Dreildency of that Company | im with rexied o ther i that by exAmiRinR Hie | fioad, which wan an old, rond, equipped, fenced, bbled by Dtallroad "Company to "bo exchanged for.| inany years ayo, and the proxy contained amew- | S0000R AESURS LGS SPTPOLE CORIGRET 0, 1 | with atation-Housss. and a developed local busi- Was Gol Btock on - 1he Chicapo. & Northwent. | orandam fn Me. Peci's handwriting, undoubtealy | BINUA slaterient ax carly aa 1600, they appe news, for 0 per cont of the groes carninea and the em Taliway Compnny, on Uhe. fol. | written at the time, In 1805, {0 the effect thay | 1AYE been ail Issued and to be outatanding o8 8 | ¢4zes, haye lensed the road of the Bellevile & Ticgal Proxies. Towlng terme, ~ to-wits fOf cvery_shars of $1000f | the bonds which the Droxy covered had bad boen | !BbIlity upon the Company, withont any spparent | goykiern [ilinois Company—a road withont any the atick of the sald Peninuia Talitoad, tho Chi- | #old Dy the Company, bal he was informed, had | SEPIanation appearing It the published Katetiet'd | oquipment, withiont ‘s ntation-hoare or s fence, —_— cago & Koriwentorn Railway Company éxchanges | notbocn trautorred, | b R AR T S R L R o }'1"3 an entirely new i andereloped buriness— ar givea of preferred stock anc of c J 'ote was received s, at ot p or r cent of e 81 taxes. atogk, which they speclaily 1asuo for the |,.‘.’,",:‘.I‘.",‘,‘ will "erve a4 an Hiusteation nnlonnlnv:::':ér"ig the Preaiient Loing in the ehalr, and requested an P ISLEATING HEvORTm flow tim Lessees of the Belloville o St. Touds, Alton & Terre How Tilden Hocus-Pocused the Interesting Facts About the Tho Great Reformer's Conneotion fended to run from Chleago into Wisconsin, A exnlanation of theee facta which might within Iheni:y watering and «uflmn; the stock of the which the inspectors of election conducted thogn. thelr knowledge, and particular]; e Presie The annual rex;mn of the Company are mislead- Chicago & Northwestern Rallway Company tosn | selves. awiodpe, And paricuiany omte t fng with recard to the profits derived from the Belle- ern Were Forced extont wholly with preceont, 1 <+ {5 fraud | .. We eoterialn no doubt that s large ma gt e e L e el ol fuo e | il & Honth lnoin bustness, & Suufll of all the r} '(l of mlllr orator and a1l stockholders | the votes cast at the election were g:l’lrxly{?:.‘" Of | orgadization, ' Tho anawer which was recelved by | 1P G 1! e o3 peben of (s e e 5 that, In calculating the expensca of the busineas, no charge Is made forthe amount expended in construce tion on the Southern fllinois extenrion, nor for the intcreat upon the 400,000 equipinent honds, both of which things are Itema of expenee Incurred Ly the Terre ilante L'omg:ny In doing Santhern 1111+ nois buainess under the leane, Taking the accounts as they nctually stand in the snnual etatements for to Contribute to That “Bar’l” us from the hands of the President waa that this corporation had nothing (o do with that surplus of bondn, and the Committec were referred to Mr. Samuel J, Tilden for a dutajled explanation of the whole matter, urning to the city, we learned that Mr. Til- den had salled for Eurape: and we, therefore, calted upon Mr. Buller for such esplanation s he similar to kimsclf, , . . . including 14,000 nhares of stock which they had Insied on the pre. tenee of gnvlnz!ur the Kenoshn & Rtockfard KRaile road, which coat thesn about $300, 000, and various other matters and things of llke character, . . oo o oo and ;Inur urator i informed and be- lloves that thero has heen Ad OVER-183UR OF STOCK You are are that the Directora of the Compa~ ny, soma three ycars since, clansifled themaslven into three claescs, under the atatute of Jlinajs, and under this classification the ofticlal term of but four memberd of the Board expired this years but, having arcertained that two of the Iirectors— Messrn. Ruesell Yage and Selah Chamberlaln—wero not koldera of Any of the stock of the Company, we denlred to make, either as o what, In fact, had be. | iho laat threo years, and, making up the caleala- Haute* Held Up” and | 3,u0°% RiSiiucn. Riiwiy company | ele SeRinin the.Donrd were. hek vacant by eanes | Come of the bands, or what in ":"j maa, e natare | 100 B kter of conaldcrable 0 WGl nava: mob yei heen reparted. i (e | of thatfact, snd that thangh tielr torm of ofce | Of the Slalim under which they had been disposed | Joms to the Terre liante Company. Robbed of $1,000,~ atockholders, of eoine twa of (hree mill: | Ud not expiro this yesr, 1t wanas mucl the dutyof | o basers ho deelined 1o Ak tho Femponsl: A BUNPRISED COMMITTEE, 000 fonn of dallars, + + 4 And your orator suall | the stockholdors to” il vacancies thus occurring an | ity of makivg any aiatament with rogard to themn, | _ We were not a littlg anrprised, on ozamining the e evfi’ pray. e .|u|,,",.l.l \lv‘...wwfl,, :} gg::nn,\?cl;mfn Ilrnn}nn:::’ti.'mtntlon o)! Atorm | ig stated that fim('gm bo nasumed that the Pur. | Annunl statemcnts, to observe thu evident effort ERvRY, ANTHONT & GALT, Sallcitors for com- | ofofMes. Accordingly. in casfing our ballots, w6 | chiaaing Committee ciatmed thal the bonds loft over | mads from year to year to shiow that the lese of plaloant. of P two other stockhinlders of the Company. | after the renrganization belonged to them person- | the Beliville & Souihern Iilinols Road was of great A. W, Annxatoy, of Connsel. ¥ SraTk of NEw YoutR, CITY AND COUNTY 0¥ NEW Yong, #8, : On the 7th day of January, 1805, per- sonally earcd bofore’ mo the ahove-named Julius Wadswortll, and mado oath that he has read the above bil) of complaint signed by himy, and knows the contents thereof, nnd that tlic ramo s true of his own knowledge, except as to thono mat- ters which aro therein stated to be oun Information and belief; and a» to those matlers he bLelioves them to be true, ilxn..] Janres A, Weraon, Notary-Pablie, testding in the City and Connty of New York. JUSTICH INTERFERES WITH TILDEN & CO, The result of the trinl on the above complaint {s stated In o communfeation of Mr. Nathanfel apecifically, in place of Russcll Sage and Sclah C mmb«.h{n 4 but aithongh no other vofeu were cast for persuna to M1} thoso vacanclos, except those cast by ourscives (eo that the vote may be as. sumed to have boen unanimoun), the (nspectors of clocfll::l falled to make any recognition of the vote 80 cas rofit and advantage to the Turre flaute & Alton ally; but he would make no statementae to what | P! ompany, disponition was actuslly made of them In this case, Tho claim that the anrplus bonda belonged to the Purchasing Committee is coneldered h( us 80 ob- |nerd ‘in view of the facts, a4 to require no cowm- men MORE BURPRISES, This surprise was increased when we discovered that to make that n‘xrear. the accotints were jin- properly made np. was ovident, without an miercpreacntation, that the lease was of great ad- vantage to the Helleville & Sontbern 1Hinols Com- "DIII]. ‘because the Belleville & Southemn Iilinols toad was wholly buflt from the sale, at a low tice, of the 8 per cent bonda which were graran- eed by the Alton & Terre 1lante Company, snd the 40 percent of the wumlmi- which, by the jense, was reserved Lo the Belleville & Southern Iilinois Company already mare than paid the interest upon thie Londs of the Company; so that the stockhold- Indiana Southern and Dis= honored His Trustee~ ship. TIE COARTER VIOLATED, ‘The facts above recited, taken verbatim et literatim from the report of this Committee, arc certainly damaging to Mr, Tllden and his Purchissing Committee; but they do not em- brace all the charges which the Committec had to make. Further on in thelr report they tell tho story of & violation of the charter, which it 18 best to give in thelr own words, and which 1118 INSPECTORS WEAKREN, Bubseqaently the Inspectors, finding that thelr conduct was commented upon unfavorably, not only by oursclves, but by others who were pres- ent, made & copy' of the poll-list for our use, showingt the facts, and the Chairman of the meet- ing, Judge Underwood, who acted with great im- Pmmny. and for whose character we acquired ho grentest respect, volunteered to ocertlfy, !:: to Erie & Atlantic, and Tweed and J Chalrinan of the stockhulders' meetin 0 ? th Tilden. Norton to THE CIICAGO THIBUNE, a8 follows* | sctusl facta with Ferard 10 th volen cast by e - | Fuus as follows: g1 of tho elisvlile & Sogthern llinols Companys Fdllors Chicago T'ribune: Wil you be so good 1t was claimed by them that a resolution hed EQUIPMENT TUNDS. road, built wholly upon the credit of tha 8t. Louls, a8 o publish the following for the” beneit of all | beon passed that the atockholders proceed to vote | The Inst matter to which he called the attention | Allon & Terre liaute Company, and are abont to whoni it may concern: ‘The caro of Jullus Wadsworth waa commenced by i at the request of the stock and hondhiolders of tha Galena & Chicago Unlon Laliway Company, and, ai- thouli an injunction wns not granted, yet mh order wan entered by the Court equivalent thereto—viz. : nally. those stockiiolderat tie Gulens & Chlearo Unton Hafirond Compnay who hiave exchanged their thelr righta ean row he' restored and tlie bondliolders saved from fmpending ruln by Joinlng In the efforts which are now heing made 1o st for four Directors of the first class, and that, under euch n resolutlon, we could not il any other ya- cancica; but as we had not heard any anch resolu- tlon paascd, and had cEl(Mnl{nnlvolcd for It, we fecl ut lberty to claim, without questioning the fact of such a resolution having been passed, that this was the general election of the c?:mpln'] for the yesr, called under a printed notice, which muado no reference 1o any class of Dircctors, and that no number of stockhalders could deprive us of the Board was with referanco to the $300,000 10 per cént eqnipment mortgage bonds iasucd In 1870, and scld by the Directors In that year at 01, ‘A reference to the charter of the company shows hat this was in direct violation of ita specific pro- vislons with regard to the Issue of tho mortgage bonda, ‘I'he charter pravidea, And the sald corporation may make and fssue fta bonda, of not less desominativn than 100 cach, poya- Dblo atsuch times and places, and bearing such rates of recelve dividends upon the ck which hias cost lgem nothing. 'That the Directors of our Company ahould have made a lease 8o favorable to the Belle- ville & Bouthern lllinols Company, and sn un- favorahle to the $t. Loule, Alton & Terre Hante Company, waa to us, for a long time, a mattor of great surptise. TRE MILR IN TIE COCOANUT, This “great surprise’ of the Committee, vith - the Oredit-Mobilier and the Union Pa- cific Ring, aside the pretended coniolldation which waa e owever, was destined to be finally and effectn- st LA A e il | st S i s o | B SR Rt | ) Uilel oy iods b et “ 9 GALENA” lieartless monupoly ever atteinpied Lo be fastened u Timiting the election to cerlain vacancles, i ty ky cat | discovery that out of the seven Trustees of the THE OLD O heartcar onspo ey atevipicd o b rekencl ot | DASLCRE S Conc b nado of thoss Feia, Bereatter, | fedlsishlous writhin or witiaut, this Biate, wehes X Belleville & Southern {linols Combany, five of Sl nte fow cHgaRCd It GoRGERIIE ARAUNE. this CITe | by the ainckhioldera i shall eoem to them advises | Aoeenta on 1ho dolats X and all ITOW money at s price not less than Oiher bonds (o be isvued Tho lait plays ot shum reform? conttituted monupoty. AN Gf the certiicates are now them—mnclading Mr. Bamuel J, Tildén—weru 1 T could) thy press snborn, 4 + Menow | blo. 1t 1w well to way, in thin conncction, that | shall besold or exchunged af par. Directora of their own 8t. Lows, Alton & Terre e o enriy mornd " i the handa of Willfam B Ogien and Bamuelfp Ul | wijle th votes wore buing taken we objeried to | That 18 to say, all the bonds which the Company | flaute Road, and were, s the Commities wero Who }xu( Sam Tilden? should be deelare ln\-:u(L!i NATIANIXL NonToN, the inspectors, upon loarning that but onc of them | could isauc under ita cliarter must be 7 per cent | {nformed, the princl principal stockowners of the leased Delleville & Southern Iltinols Railroad. Tt appears that prior to tlic leaning oporat ap) ing operations rcdt,edp:gau. thep St. Louls, Ter’r:c p!lmm&: hatrman of the Commitice. TIE PENINSULAR RAILIOAD. This road was {icorporated {u 1862 and subse- am-mly built. After the consolldation of the alena & Clileago Union with the Chicago & was a stockhiolder |n the Company, the charter pre- .mmn?. as one of the qualilications of the iuepect- Er of election, that ke whall be a stockbolder in tho ompany. \\‘npnrg alno advised that there are grave donbts whether twoof the gentlemen cortlfied to u clected bonds, or must be eold at par, one ot the othor. ‘Theac equipment bonds, ring Intercst at 10 por cent, could not bo sold under the clerter, thercfore, at less than par, It wonld scem, there- fore, to be the duty of the Dircctorsof the Com- NOW BAMMY ZUCHAED 174 STOCKIIOLDRRS, Now VertExpress(Dem.), The Rocksille Vaalley Union Rallroad was in- , who had lssued these bonds in violation of | Alton Company not only paid its bonded {nter- ¢ ere Northwestern, the Penfnsular Raflrond - was | 20 ot disqualiicd: by reason of rosidento, —The | ho charter, olthor toacs 10 it that i - e ? charter was obtabied, bonda were fssued, and | GORSESH, F S o baata | E L e e on (et meHEL L | dnet o 2 per cent bond or that She) diference | Cogput T per cout, divfdend on L profurrod exchanged n Englznd for fron rails, which were shipped to Chicagu, whero some of 14 wwas sold topay the expenses ul the charter, and provide means for gradtng the track, The road was foally foreclosed, and out of the forcclosure W ‘(::?lugn. Tond du Lac & St. Paul Rallroad, This Company hadt for Its Prestdent nprominent gen- miles of track, when u second collapso took place, This was ab wut 1857, and In those days rallroad companies obtalned large wmnounts of mogey from the Easteru banks, the ofllcers or Direeturs fndorsiug the Company’s vaper. The Predfdent of the Chivago, Fonddu Luc & 8t Pau) Rallroad had {ndo.zs pnpyand wasa lavge owner of real estate in Chleazo. In the dilemeas fn which bo found stock, which caused it to sell up to 106, and the common stock up to 65, It is asserted that cer- toin holders of the sliarcs, who alone could bave forcknowledge of the intended nction on the leases, prudently disposed of thelr holdings, and sold some stock ‘‘short ® into the bargain, as o mark of their appreciztion of what was 1o result from the making of the lesses aforesaid. It was not thelr fault, of course, that the stocks afterward went fur in tha direetion of zero and that somebody reaped the rewaril of the deserving; hut, as Col. Ecl remarks, this was * only a side speculation,” GOV, TILDEX AND T18 A8SOCIATES. The last puragruphs of this Committee’s re- rt, which el lym couclusions and recom- mendations, are plain and prosaic enough; but they are iImbued, nevertheless, with o simple pathos that s snfficlent to touch the heart of any but an obdurate raltrosd-jobber. The Com- mittee's unsophisticated languoxe is more im- pressive than any that s mere outside observer of ane-half share of common stock and one- half share of the preferred stock of the con- solldated Company for one full share of the stock of the Peninsular, In 1804 Mr. James Parton rnmmmu n punphlet entitled o Manual for the Instruction of ‘Rings,’ Rall- road und Polltfen),” in which bo treats particu- larly of thls Chicazo & Northwestern Ring, and filvca the followlag as an estimate of the profits derived frowmn the consolldntion of the Peulnsu- 1ar Rallrond: They obtained a guarantee of $1,02 000 of Londs, Issued at 75 conts on the dolinr. which Mr, Ogden reports were worth par, There i34 proficof..8 257,350 They recelved or had the orunn of tuk- ng 81,196,600 in rm erred stock which Mr. Ogden {n his printed cire cular of the samic year says averaged gn\;duu of 90 u shiarc, 1t cust them ‘They slso had intho same way $1,100, 600 netting fn common stock, which the Directora shull always be citizena of the State of liinols, realding in tho counties along the line of the roal, As the Board of Directors was organ- ized and constituted, it was necessary, in order to fulfll this requirement, that all of the Di- rectors of tho frat clas, whose term expired thls year, shoulidl be replaced lia‘ four, alt of whon werd citizens of Illinols, residing in the countles along the line of therond. Two of the gentlemen whoin the Inspectors certified to as elected do not reslde in the connties along the line of the road, aud one of the two s NOT A CITIZEN OF ILLINOIS, Itis clntmed by us, In your Lohaif, that theso two gentiemen, being disqualified wnder the char- ter, the votes which they received sbould have been rejected, end two of the pervons far whom our voles wure cast, il of whom were quallficd, should have hieen declared elected, ns haviug recaived the next highest nomber of votew. Siuch nse ean bo made of these facts, hereafter, by the stocklolders as ehall soom to them ndvisable. ‘This much with regard to the election, and substance of it all is that— between 01 and par, with Interest at 10 per cent P".nn“m. since 1870, shonld be returned to the reasury of the Company. This claim, smounting at thia iimo to about $35,000, secmed = proper claim for the stockholders to make upon the Di- rectors of the Company, insaiich sa the stock- holders were not consiilted with reforence to the {saue of that bond, the Directors havingthemselves assumed the responsibllity of it, TUE RIGUTS OF TILE PREPERACD STOCKIOLDERS - VIOLATED, Turther on In the report of tha Committee aro to bo found the following grave charges of a vio- lution of the rights of the preferred stockholders: In that connection we called the attention of the Boand to the Impropricty and lllegality of which they were gullty, in recognizing the coupous upon thec bonds as & len npon the carnings of the Com- pany, prlor o the dividerd upon ihe preforred stock. Slnce 1870, when thene bonds were fsaned, the componn have been regularly pald; but no cash dividends havo Leen paid uponthis preferred stock, which fa In direct vlolation of the contract contufn- another Compavy, cntitled the leman, and its cars were running over about 60 N, - (L Leavily for the Come T 15 ‘Tho sum kel be engoged 2, Oglenin the same ciroular quos 1. WO caut n malority of the voten legally polled. | £ttt SR Curou iy oF (no aceond maripage banc | com,ciaploy In such a cauise, and w subjola it tn a0, 8AMUEL 3, TILOES ted at &34, casting them $36, leaving &' 1¢ wa should bo mistaken in this positfon, wa | SCCEEed e prioritice of thi o i T weounsel, Tho Prestdent hud taken the pre- | themn $20 proft per share, or......... 130,085 claim that wa elocted, At il events, four mowberd | ' To provision in the mortgage is in thess worda: ONCLUANS. caution to scenre himaelt' by taking tho Rallroad Company's bonds as cofinteral. The question + ol money was ralsed and u compromise suggest- of tho Nuard. + ‘The result of the election showed that 1t was con- trolled by proxies 6, 7. and 8 years old, the use af which, {n our judgment, cannot bs too seversly condemned, It resnits practically In dixfran- The concluslon of this whole matteris. that, in {ta present mnnlglement. there is verylittlc hope for the stockholders of the Bt, Louls, Alton & Terrs linute Rallroad Company. The queation (s, what to do? The first thing that Iu;g!l!fl itself ls ef *+Nor shall any deed of trust or mortgoge ‘creat- h‘.‘gnum uYun the property herein befora describ- ed; {n priority to the righis of tho holder of the nald preforred capital atocl, ever be made by the sald 8t. Louls, Alton & Terre Haute Rallroad Com- + 81,371,600 WIIAT THE OALENA STOCKITOLDERS LOST, In tho same pamphlet Is to be found the fol- Total cor canie edof exchanging real éstate fn Chicazo at a | lowlng statement of what the Galenn & Chicago Ing the stockholders of the Company, to fight these varioun illegalitics fn “detall in the Vigh atuatlon fo londs and. stack of tho road | Uslon bail lost up to 1800: Romdas for which. prosies wero- iven soven | £ang; iniou mafority o the nterest of the ol | conrly by s stocuioldora‘enli It could unques- atpar. Unsccured cred'tors of tho Compan Cash Lborrowed from Gnlenuurgln. ond » | or elght years ago, have undonbtedly in many reasly conscuted thereto by & voto at a meoting | Honably be done, and would resnlt ina net guin, 3 PANY | “sunk in P"'"‘"{)‘J extra cost.e...... 050,000 | cares boen trausforred to beurer and been | of'gach holders called as aforcsald upon notico ns | IB R} probability, to the Company suficlent to pay were offered common stock for 60 per cent of the clalin, while the safd stock was worth fn the market about 15 per ceut of it par value, And then “reorganlzation” took place under the title of the Chieago & INorthwestern Rallway, with William Interest on , 020,000 Peninaular bonds, two years compounded, over.. Dividend on $1,000, 00 Jwro('r! ed stock. exchanged Dec. 1, 1864 Dividend on $1,000,000 pro stock, oxchanged June, 1805, Lotn on operating road, in 1685, £200, bought an &0 like other negotiablo Dbonds many times since the proxies were given; #0 that the rezlstry represents no actual holder, It Is impossible for the stockholders 1o trace the honds, o And the ownors, without great difiicalty. 'Tho holders do not care to have them ru-reglatered, because they ure secured by mortgage, and aro dividends upon o Jarge portion of the capital stocl 1f no hettor course “is_ open to_the stockholde thils conrse should be pursned. Bat it is appare; that any remedy 18 partial and juadequate that Tenves the corporation in the handa of the present maa: tent. The point af attack should be the oesesslon of the corporation, which, once ob- uforesald." 150,000 35,000 38,000 ‘This meeting hes never been held, and the con- sentof the preferred stockholders to tho issue of this inorleagy has never been given. To make it additionally sccure that the preferred stock shon)d alwaya have a lien upon the net enrninge next after tho second-mortgape bonds, Lo B. O pden a8 President, | “goo; potheves safe; 50 thut it fs unnecussary for them to attend 5 , 1t was embodied Int Ined, thie property can ba_mansged in the inter. ud Sunel J, Tihden a8 Trusteo for the 7 1800, 40y 100,000 .vvoduvvens 00,000 | MISE A0 LHAL L Y O oy ey touk rier | Preferred-atock certlcato I there words: | GG tho” tbckiiodern, these. Hicgaities,and ‘bondhold [T " $1,170,000 | its Intercets. Inthis way the boua Gde holders of Lo DRI RS s eLraler | pechaps muny otbere which we have not discover- ook ? ors. [ Tho usual watering process Discount of 28 per cent on bos T i the stock ura 3?‘:22:”.&:’&5“3’&“3 'lhl:: f\‘é{“u’:%:ys? “x'ad‘iz:;‘v! Hy ed, can be righted, and, In our oplulon, the Cora- Mm@:fi:fifi'flfig’"{‘“ A “"‘"f“ W | 0 maks Up. AEACIGNCT.ves vreocsvesns 135,800 OUTVOTED FROM YEAR 7O YEAR far Batiyear andIng on the 1N day of December pros | pany can pay dividends'npon all its stock, Company L a e o ioh (SO OF dobt. | Totat 1 Tiooa500 | ML Hiex]on, which it they were promlusory noten | 310088 ohui smd cantr (vuiions o 1 siking:fusi: 405, wou! aveo ov wed, an i e A1 no N A D 0 andstrugled along until 1863, when THAen & | Ag the o+ 08 11005 800 | actuat ownorship tn the Company: It 16 desablo | ~Dut in violatlon of thls contract with he pro: TIIE GRAB GAME. oo i something neust o done, and, kn | that could Lavo camed dividend at that time, | Hist the porsons kiviig thous prozlos, of whichue e T L o Who found the State a thievinz den; L elr ejes y vl ave a pre « L0 ] o M Chicao Unfon Tadieyea upon the Galena & | thiu in reality comes aut of what that divlalon | BVA S R C0RIGy on i quiry,; 1t shall ap. | £age. which determincd the priorities of the varl- Then grace dlu throw Into the pen, y I was then run ould h d for itaclf if nutconsolidated, and . For the votes of these sime men! alag from Chicago to the Misalesippl River, It | 18 equal to 20 per cent on the wholo stock of the cnr that they are not now holders of the secur- | Ou8 sccaritiea of thu Company subsequent to the “Twas Hopeful Tilden ; was the st rallgond In the Weat, havine beor | origlosl Galona Road. 1t follows, thereforo, that | 1ifon of tho Company, ' Tho eloction belng over,wo | first imostyage, tio Directors uf tha Company have ¥ red 1 1830, oy ol orlg oal Galona Houd, ot follown, tucrefore, thut | jetormined to bing cortain facts to the attention | issucd this enilpment bond, snd they ara tecopniz- { oo oo o (000§ (o mnnonan 4 watered at Company hud never § §0R 110ta0 240 " Gthorwl e bt of tho Board of THreetors of tho Company which in | Iug the coupons as having a' priority over tho ‘pre- | TOW “8AM 4 slered it stock, and scldom, £ ever, had ft | 4helr dividends, otherwlss certain (nnd prolubly of elleste - | ferred stock as a licn upon the not earnings of the RAILUOAD FOR A MILLION. falled 10 per cent), and have incurred, by consolidatl the course of our inquiries we had ellcited, and do pol B! 10 declare dn annual dividend of from § | 10CTScl Snd have Incurredy by, conrolldalion | iy Pimmaiaio acilon by them: Company. New Tork Erening Erpress (Dem.), June 3. W10 per cent. In 1864 1t hodl some 800 miles of on h{ Althouzh tho meeting of stockholders nad already | A COSTLY PINANCIAL OPERATION POR THE COM- [ There s ot present a bill before the United soad {n perfect order, on_which was based temeof Diieatack; reached woll into the ovening, immediately afie PANY, + mo ‘ ol & TILDEN AN ANTI-GRANGER. iy et A=l 3 States Ctrcult Court for the Bouthern District = nk‘(:fl !‘s!:llub‘:xl;nlmu," sm,ogg ngu':flc ll.m{l c': Theae varlous rallroad consolidatiuns of Til- ;,';?L:g rlfl::n{!?n‘::lm nl“t‘ll:.hrfzflfi:mo’ x‘l’fi%fll‘:afif v'z': Thle tepork elvos, the followlug decomntiol | or New York, sitting In cquity, whereln the 8t. i capital. Tts ptock h\"° :ongm line, and was looked upon ea o den and his friends, whereby railrond stocks were greatly watered, wers followed by op- presaive rates of ln:lEhI-l fu tha Northwest, out of which grow the Granger movement result- ing in the enactment of the Potter law fn Wis- soinc Aunucinl orcmuonl which cost the Com- pany considuerab] ¢nce in futerest: ‘We nlso learn from the nccannts of the Company certaln facta fo regard to the fssue of these equip- Directors of this to explain that the Hoard of ‘g8 for 1803 wero $1,000,000, and It had 4 that sum in cash in Its treu'mur'y a8 wnr‘:(-_ I was largely held by those Louts, Alton & Terre Hnute Railroad Company appears as complainant and Mr, Samuel J, Til- den as tho most prominent defendant. The compluint, In bricf, demands an sccount of cer- moets bul oncen year, which 14 on tho & n'thie shiapu of a larye diflor- Company day of the annual clection,” when they organize, e{ccl‘nmmn. and adjourn until the next annual election, estment for tru & [ I in the Wi ment bonds, which may be of intereat, If the; Bt e of s o rpata S we | Sooes S0, il Joglation, i, ot | v non el A RS it | ot i, TofherklniE e | tin moness or el ntrute to te G . ) L s e y 2| fe 4 . et, re rrowed, proxies sccured, aud, | frap tho proceedings of & Conventlon of farme | olchonas: B4t laviiie ho, hecunaty, futeroat i | Huawel sago, it apnents. that Letween the 20th af foutents, g0 . | Febies by 2 TILDEN & CO, ;mlpnlntulwthnt they had & mn]om{. and 1 asking and getting tine to answer until the lat era along the liue of the original Goleua Road, of October. June and the 10th of Docember, 1870, the Presl- held in one, they liave I¢ft the afalen of tha Compauy eo- [ Juto snd the 10th of Docember, 1470, the Presl- trely, Bs wo belleve, iu the hands of two or ihres h lde in Now York., They werp very much | §270,482.50, the proceeds, ad we nuppore, of the OHECLOSURLE OF THE RAILROAD. wmfl mue?llon of the property when it waa ,_.,,‘zfll‘n“ U:,fif',s‘l’fu':"}',f,‘fll ?:,',z',’,'u%fi:.l.mzm e iy, ‘ma v afterward 1eanod from woarces | $300,000 equipuient bonds, ~On the Hth of Tiew Ac:t;:-th; to the complaint In this case, on The conmppyihe Chileago & Northwestern. | farmor and producer has no reiress, and s, by tho | Which wo lieliuvo arg untirely relinble, at the In. | cumber, 1520, ar whnears by dlr, Saccw necount, Rt P " an wolidation pald ‘so well that some | fnndequato means of transportation, compelled to | foruntion brought by uv to thelr aitention, and | thiv money bnd sl boon Jaid out for ‘equipuent, Feb, 14, 1835, the Terre Haute & Alton Com- soll u'é’".‘i"l., propertics which might be cou- | give two-thirda of his crop to et tha ottier une- | lisvo becomo canslderably awakencd tothy ponition | &3cg petieguti f'{f;’r','é:’«\x‘i',.'{'.'#“'.’u'l"i!o}x'.'i?’n'i.""K'x'. 4| pany and tue Belleville & Iiinolstown Railroad Lation wero hun pricofnto the riew orgon- | tlrdiomarkotiand | "o L ent system of | of this Commpanie o oeacn for tho MOCRUGHA | yhe dutanc of £47,201:55, which remalied T 3ir. | Compuny were consolfilated, under the I cagth, which did not pay, waa securéd, and wi o {puled tn tho petition of Jultus Wadsworth District of Tiljno, salidates for “?‘ab'\mnzln Tor $300,000 aud con- up. Among such properties X X Keno pron Sage's hands, Tho whole' of thia laat balunce re- tho & Rockford. Rnfiwd. 73 miles In malned i Mr, Bago's Landa a yeat, aud somo pot- tions of it for more than twa yers,' the average he- d four monthei s0_ that this sum of money (§47,201,565) remuined in Mr. Sace’s hande nyear and's tiird, upon which he allowed In+ terest at 4 per cent, while the Company was pay- ing 11 per cont for It jn the shape of coupons upon titlo of the Terre Maute, Alton & Bt. Louls Ratl- road Conrpany. Subsequently the new T, I, A, &8t L. Comgnny became financiully embar- rossed, and unable to pay the {ntercst on the mortgures of the old companles which it hud umm:fifm well a8 on its own; and bills of !«mlnsum";nklng for the sale of thu property, portation as littls less than & sumi<legnlized m of plunder, by which a combination of cap- {tallats arz rearing linmansa fortunes upon the ru- {‘,‘,‘ o!l tho producing intercats of tho Northwoet; erofore, Jtesolred, That, ns wo know of no adequate rem- edy for the present wrongn, or socurity agninst fu. ture oppression, but legislation, we must turn our ILL,COAL ISSUE OP BONDS, The next mattor to which (he attention of the Board was called was the question whether there hasnot beenan illegal lsvne of a portion of the bonded Indebtedness of this Company, a matter which is connocted with the relatio tween the corporation and the old Purchasing nited Btates Court far the Northern WL’ s The case of 1ira L VIFFERY mAM DID. mittee une der the reorganlzation in 1861 und 1862, In that connuction we called thelr attention to the follow- of the consol datl e to - d demand the equipment bonds, were filed by the Truatees of the second mart- g:{;"h Unlon and the fin:::u%lnug m@fi :ucv:‘ -‘}F mpfl‘:ml“ 5“ :,\allmg:u;ve’;l l.lll‘;on ::“ ilv'l\l ing undisputed fucts: zes of the original companies In tha United Dletel e Chicago & Northern is com- | remedy iheso evils, and thus teach corporations | Firsi—The rond wes reorganized fn 188t and 1892 (o | BELLEVILLE & SOUTIHIERN | States Cirenlt Courts of the Districts of Indi- g flnet forth in the’ following complaint of | 8ud unholy combinations that the soverulgn | sasondance with ceriain laws wbleh Lermittod the ILLINOIS aua and Southern Itiuols, tn which actfons de- for -t Jullus Wadsworth, who was a Trusteg | PeOPIs have righta which thoy aro bound to re- | eraditors siil slrekuuily it & SO es SaVor Capitals 4 e crecs of foreclosure and sale were about to be e r00 original Galena bondholders and also Yo :llnu‘l‘;: Tty orther Feprescata that prior to that op,m:f"hl:r oraorunknown, cuncealed togethur, apect. P Sfeiotved, That In ordor Lo carry thess principles 1into practical effect, we hureby plodie ourscives ta ca-aperato witls Uhw'neople througlont the Staty in electing a Leogislaturo pledged to the same.™ HOW TIE WESTERN PARMERS WERE OPPRESSED, entered. Upon this, uvout April 16, 180], the toud and stockhoklers nnd the general creditors of thie Company subscribed to a'general plan of reorgunizatfon, which embraced tho purclinse of the road, the charteriug of o new corporation, and the ereation and disposal of stocks and se- Who bronght the Ring upon thelr knees, Unil they showed tho White-Houss keys, Then danced a §ig beneath the tree "Fhe ganie Sam Tilden, HOW THE LESIEES WERK FORCED TO PAY TRIB- fzation, providing for (he purchise of the property by {ruatcea for them, Bnd thi fOruing of & Rew corporas ton in which tho oid stock and the uld detts should be represented by now stack and new honded tndenteds new, which paw stock sl now bonided [ndebiednes hould be dlstribige undlng o, the e ot the r tho stockhiolders ; 1d, Tilden, of New York, and €3 40 yo wment for reorgautzation by ihe Truat ough Me, ‘():rmu:m. of New York Clty, pocuted the proxies ‘To show tho exactions to which thu farmers | The aigraement w o, Lhe UTE TO SAMNNY'S * DAR'LY t # . _ tirholdery for the election wF Dicmoes of miy | of that section were subjected by the Consali- | T4 WAt pUEChiar biuder tha adrccuicit, wuduew se- From D Seio 1oit r:um,n(nm,), :“,',‘f.{fiim fivflfzfi“‘“fif““mr‘}' t'lxx‘l: Wian Gt F ey alana Unlon tailrosd Companyi . . . | ‘Iation Ring, wo hava only to couipare the rutes | * yecand—riio lawe iirotided thiat, within +txmouthis | Tho St, Louls, Alton & Terre Haute ltoad was P et "ETha. Gommistec. wire . Samel Sddeny 2 00 the day of the stockholders’ necting | Of frelght on the Chicagu & Northwestern Roud, | after the urganizativn of the new vampuany, ull clali:s oy L. > o enly presented by W)} e these | {n 1801 with those wilch optod after | Whithi wader tho laws uf tho agreementy wera twio | leased In 1807 by Tilden and hls sasuciutes for | J. 2Wdea, Bubert Bayard, Joseph Tuckeriuan, mfin:p;;"l’;*: Dentionid fl:‘;l‘l’dxu%l:: 'i'.'fm.‘".”.?.‘n’ Mr, Tilden had ‘Bude bl npv:xi::m.wurn’mccnumcl sl h:};n o thorizes bu i ew couianys | pinety-nine years to tho Indianapolls & St. Loufs {m.r“h"‘"l ‘i‘s"l‘,‘"l"ll“"\'i-u;"dllf"‘:l’m"“m':“‘l‘!f; ‘gfl ST AV ity sloty an | and Tt e Cneugb el ol e | SN P GRS B | alvona Company,ut an amsua renval of 0 ver | Sk St iy i Commii of the ren %0, declareq “".'l:‘d‘_“’ml 38, Tepresandng 32, &)0' g ago Toialet Fpreionts that aald Galena & Chi- ¢ unpaiy =t te ol bunds il cutipolis werd oot surrondercd st that thug—they Cewvcid o by claline thereafter upon tho property, Th Jutie, 10 the cortineato of {icorpartion of the now cuuniinuy was fled) and ( Uhat muit tho provorty rcflmnnlma for the following statemoent of thy action In that rfi:ard of the Chicago & North- western Rallroad, which, thelr report snys, ad- vanced 1ts rutes as follows: ¥ cent of the gross earnings, with a proviso that fn no uno year should the rental amotint to less than $450,000, Thjs lense wus guarantecd con- 10r $5300,000, and'n new carporation was forned suon nflerwarflslumlur the title of the St. Louts, Yol M Alton & Terre Huute Hallroud Company, with road waus the first ralrond which ¢ L f 3 y . | Samuel J. Tidden, Robert Bayard, John Tucker- Bigaitsucted lendin o and from Chicago, und | - Upan wheat, 72 per eent. B Yo% e RSariah O Viasi. the krasiewho | Jolntly by the Plttsburg, Fort Wayue & Chtengos | IS 4L 4G ;{;;,,n‘;‘,;{){h‘.,-,d L (Ao s Mructed jn {57 APOTIaTice whataver 1 st wan'con DUn cosrae graing, 21 por cent, g Dad bevn fn possession of the Fropoity for considera: | Cloveland, Columbus & Cinciunatt; Clevelund, | fhcorporators, By the ack of incorporation the parstion had Yoon fonn, 91 por cant e T e valaa tn by tho aew crpanioes | Paincavills & Ashitabula; sud Indlanapotis, Cin- | new Ce vas_empowered to assume the 8 contrglieq ot T { e Epon }r'r;\b&:’.c;‘a J:rcnnL L mortgiges which were takea up by the uew organiza. ot & Tadsseite L‘t‘)mplulu \snu: o fl:h!ll:&’:’-“:fi“tyl\::ld fl::xl:mnfi;' e e tlon 1, acquired a gro st reputa- pon 3 per cenl i v 403 & y L8, t v hm:-“.'n&"'é‘\‘,‘:‘;‘““nt! is ‘(hroughont the United | Upon morchandlse, por cent. e e iarisatlun of iho ‘How company. | logso was nade, the 8t. Louts, Alton & Terre | ments, using for that juggiocs the new Com- Varchased apq hmd andl ts stock and b onds wero Upon passenger fares, 283 per cent, e, Fizui inwdo und prinied 8 report suowing 1o detal) Hauto C tained the Helleville Brauch, | P2 v'a stuck and bonds, the settlement to be Bermaneng 0 held ua o most ‘rellable, aafe, and | Tho report of tho Board of Trado closes with | ihu. aisriputiva of the wouritlceuf the usly corparsy | Hluuto Company petafiied the Nellcvillo Brauch, | s within stx montha after the organization, 954 the Unite anens, by various partids through- | tho fallowivig significant paragraphs ton, wnd atier Ihcluding sseryibing fhat, v | and at gome time prior to or after the leasc, | and wil claimants to be debarred “from the 1080 E10us earninerad Etirope, From the presunt indleations, there seems tobo | company, and sl tho, espenecs of tho_reorvantzation, | Tilden & Co. constructed a road 55 miles long, | Lenelits of the set unless thelr clalm wert sur- s, siiing e, e il for the el year | 3 getoronluabion o tous tha rulstive riciis i aif by | [ S50t S, Sayard, or Cuigus o6 e | Srom ellevtlo, to Duguoln, which s known &b | rendured and setcjal vithin that atc mauths, s pad et earuingn 81,0178, 08 per ot ad be', | an sppeal to legfalation, We hope tfat thie miny | Lurchasiox Conmit N Sohge | the Belleville & Southern Iilinols Raltrond. THE 6T. LOUIS, ALTON & TENRE IAUTH ROAD. ‘lufllclmu, Gureful, and ocotomlial man. | BV% become necersary, but that a policy may pre- | samucy J. 1 Lcso paye On this road honds to the amount of $1,100,000 On June 37, 1803, u meeting of the Boaml of e J“‘:m;‘ which charmcterizod s tber it soun have surpass Juat conélderation, will not leud ‘o sa embagraes- | | Ttisscen by the preceding statements that the trust tors, somewhiere in the ueighborhood f 80, | 12 Wall strect, in this clty, Saniuel J. Tilden 5 ourn,r:fl:‘i }:r‘lfl"Nmmwm. passcd thet 0 38Y | yeny of our rallway linve. B e Hiehilie o sl scos ‘;”;!’.fi:.‘:: yalcusnd this new r%ml, T an wnde- | and the ather inembers of the Purclasing Coin- \n?a'f,‘,':" and m’gl:?{;‘:“gm finan ‘(‘:-l?m;-u«:: T 2:\.113;?;”me‘ She baals '.'iiflfl;“flc by she.ajd vclupri-;l “u“y"llid v{““\"}':““g {ullhlgi;lm;k n;{nuu‘wcrn n‘nwn ",'L“,l,}gf,“""‘ I?‘l“ ; themn sddwof gy , that pijor , . & 7 o o es thiy upon o BL. Louls, Alton & Terre Huute | offered o serics of 51 ons, which: were ro- 0 438" nauary, fola, iho stuek vt o Gl 8T: Ly LI vy pradedtl Bhowda'for Do tecurliles they ad | Corapaiid, for 40 per cent of the grass carnings. | ferred toPurchasing.Combitiec-Metnber-and- talag v FUhlear, and possenatd o peatend orotiats | ¢ Who prates about the ballot-bax, itat Fould b’ properly pequired, whitch warin, sitee | The equl t bonds above wlluded to were Director Bamuel J. Tilden, as couvsal of the Al Y“:“:‘nfl"' e scd no real and ntsinsic Then, .,,I“lm“: :m:ur#:h;lux. m:ilmligt:;:?lflm o up, sceins Lo have been this Co“l'w"yil On the (.I,uommr dn‘y th‘u umnlcnm. (o ¥ would ry \lets into the box -~ VISION. z 0 sar ! -Con- LS ot et et ot e oot | SUR ARG RS, + I Bolnt o fact, everything which, by tho torms |y Contimiion ot tho S Loois, Alton & | Rittcas Mewper-Dlrotgeosm-Counsel fot-ihe mr caazry -n.‘)'.';m', };rue amount of moneyr in uow'“m“ PLAYED IT ON THE lrocxrianln!. ed a clalm upon tho nuw’[‘..,nu. 'weatna to bo covered | Terre Hnute stockholders (u 1873 hunted in the | Corpuration §umual J, Tildan n:purlud_ the res. S LR e fort or Aty bonds of ‘the Bt iAol in thig sccaunt. - 1n point of law, it was not within | archives of the llinols Kailroad Coummission- | clutions, which were to the effect thib certaln oy Whica had op lunuu:f'm"’ among ita oo Yurk Erprest ‘B, Louts, Alt the puwer of the Purchaslug Commiltes to create | era for some particulars in regurd to the organ- | bonds and stock should bo fssued and created i % 10w, that Thieag Londs mens jonstiliction | Roverling to the case of the Bt, Louls, Alton | now Jiabilitles for which these Londs should bo- | fzatiou of the Belleville & Buutbern Illinais | and hauded over to SBamuelJ, Tilden and bls Sy fy5u8 b5 yrocecia spplied ny"::m“fi'ldh‘“‘l & Torre Laute Company, wo submit some fur- | come rowpousible, nasmuch as tha time sllowod by Road, and could obtafn very little {uformation, Purchasiug Commnlttes for the paymerst of the G hmens Hailay B0 0t the aoney o Say | ther facts about tho trials and tribulatlons of | 1 for tho projentationtof clahag ou thess boudd | and Poor’s Mauual, the recoguized rallroud au- | purchase uiouey sud the settleiuent of clatus, b aion Rallrosd Cor, st K ) o g | s expires, an s time, whon, {n olnt of | ¢hority of Amerlca, bas scarcely given any ac- | Tho bonds and stock suthorized by the charter W, WAS ALSO AFIROL poration the Btockholders’ Committce and their couusel, | fact, everything sccus to have boon in, and when, | & Tor yeara; but i the last "l find | and directed tobo fssued by theso resclutions B e, ot G EHOMIATER. etern | DF C: W, Whitney, in thelsattempt to eloct | In Bolnt uf lay, g nelw cibfos couls bo created | FUDE (SEARSE iG! tho " §1,100,000' baads, tho | wero aa follows: - o ) Vourontwiia ‘rubtune Directors, nd to obtatu Information 1n regard | wities had beea cuispoiated for helt sievices, | shero capltal of ths Company s ' sot | Furet morigago bonds.. $ 2,200,000 3 urther copemevn) cuto the fual settlement ba 3 vall that, while It weCitres to tha peoplo an entirely s cudl uld raflroad ap to wents boiny wurq fssued, and, it s reported,woro taken by the | Directors was hold at the Company’s oftice, No, ould your | to the position of the Canpany's aflalrs. We been hipd with tho cogns | down st $1,080,000, It cauyos ba learns | Becond mortgagu—Prof g " Stock—~Preferred Common.. 069, — 3,750,000 Total veveriirinnnnassinisions s §10,450,000 IIAUL NUMBER ORE, 'nmmmphlm. sets forth that on June 80, 1862, the Purchasing Committec conveyed to, themaelves by deed the above amount of stocka and bonds, with the addition of $2:30,000 common stock, whose Issuc was never authorized by n% body; that fe, they gave themsclves £4,000 worlh of certfficates of stock, instead 'of ‘the $,750,000 above sct forth a8 suthorized by the charter and the resolutions of the Board, “This quarter of a milllon overissuo of stock, says the complaint, (s still outstanding 88 part of the Mabilities of the Company, and the stockholders want Lo know who has got it and whers it fa. My, Tilden will }xrnh\\llly explain after the Con- vention. He reluscs to do so before it. The Trustee and Burviving Recelver of the old Compant, who sulil the property to Tilden and his Purchasing Comimittee, was Mr. Aza- rish C. Flagp. He made a report to the bond- holders of the old Company in 1863, and of that report the report of the new Company for the same year, signed by the Tilden Purchasing Committee, thus speaks: ‘The proceedings of the Committee nf bond- holders” and stockholders on renrganization—to- wit, 8amual I. Tilden and the Purclissing Com- mittes—are all atated in the report of Mr. Fiage with & particnlarily a8 to render any farther atatement unneccssary, HAUL NUMDER TWO, The reader will plense glante again at the above list of bonds and stock fssucd. The re- rt of Mr. Flacg, thus commenden for * par- feularity,” atates that the clatns settled by the e honds of §2,200,000 amounted to K 0, leaving a Lalance (n the handa of the Purchasiog Comninittee of $154,- 230, The stockholders want Mr. Tilden to tell them where that went to, and Mr, Tilden has answered In effect, Walt untdl after the 8t Louls Convention." HAUL NUMDER TOREE, ‘The reader will please look azain at tha and note the fssue of 84,500,000 sccon: gage bonds, preferred and fncome, Mr. Fl 's report states with much and cruel * particulari- ty" that the amount of clalms settled by this {ssue was only $4,300,645.80, leaving a trifle of £1530,454.11, which the stockholders ask Mr. Til- den to account for; but he says he won't do it il after the adjournment of ‘the Conyention, and doca not say that he will do it even then, UAUL NUMDER FOUR, Anotlier glance at the table above will reyeal the lssuc of ex,mmo preferred stock. Whith most uggmvuurl\{: * particularity *' tho roport of Mr. Flagg scts down the amount of labilitics settled by this Issuc at $1,508,700, leaving o wretched margin of $131,300 to be accounted for by Mr. Tilden, which he declarea he will not do unti) after the 81, Louls Conventlon, and won't promise to do it cven then. TIATL NUMBER FIVE. The annual report of the Directors, showing the condition of the Company on the 1st of Jani- uary, 1874, stated that the common stock handed over up to that that time In Hquidating claims, cte., was $1,000,510, Pleasc note that the Com- {mny was authorized to issue §2,050,000, so_that, 0 say nothing of tho over-fssue o(’ xm,uod nbove mentloned, there s still left a balanco of 8110,483 to be sceounted for by Mr. Tilden. Mr. Tilden says lie'll do nothing of the sort until after the 8t Louis Convention. He does not say that he will account for it then, RECAFITULATION OF TIE NAULS—AX ALLEGED 8TEAL o §1,000,000. The cry of anguish which comes from the com- Eln(mmt in the last ph of Lis wallings efore the Court Is so heartrending that we quote it in all its naked wretchedness: And your orator further complains andavers that the eald defendants (TWden and the Purchasing Committee) bave not, nor has either of them, ever rendercd Lo {nur arator any sccount of the hercin- befare mentloned surplus of $154,000 frst-morte zfie bonds, $130, second-mortgage honds, $131,000 preferred stock, and $300,000 common stock, or of any of the stocks and bonds Intrusted to them as members of the sald Purchasing Com- mittee, lllhcurh your orator has repeatedly, by Its agents auly authorized, domanded such anaccount; but, on the mtnrJ, {:fllf arator slleges ana avers that the sald defendanta, or some of them, have refused to render sny such aczount, or to give your orator any explanation of the manner In which, o1 the purposes for which, the rald bonds and stock were issued and disposed of; and your orator charges that the sald sorplua bonds and stock have Leen unla?ullv reloined by and divided among table, morkt- tAe said defendunts, or lssued and disposed of by themn. in violation of thelr duty us membors of the eaid Parchasing Committee, and of the Board of Directors of the said corporation. complalnant berein, and ef the trust and confidence reposed in them ch; and that the pecunlary llabilities and burdens of your orator have been, thereby, unjust- 1y and flflnficflufl%flfluud to the ouount of more thaa §1,000, 600. A BALARY QRAD. 'There {s one more paragraph in the document ‘worth quoting entire, antlcipating, as it does, n‘? lea that the defendants may offer to the effect that they, or any of them, retained the sums ahove charged as unaccounted for in com- pensetion for services rendered: And your orator further shown that, ata meet- fng of the sald Pnrchnnlng Committes held Nav, 3, 1802, it was resolued that the compensation of Mr., ard be $3, 000 per annnm for three years of his services as Chalrinan of tne Committee; and it was farther resolved that tha compensation of Mr. Butler bo fixed at 500 per aunum for three ears, in full for apecial services In rarlous clracl- ca; and Mr. Tilden (to wit, Samual J. 7liden, one of the parties defendant herein) having atated his ciaim for services at $10, 000 against the sccond mortgape, and 8 like sum a4 Inst tho first mort. . and the reorgunization, 1t was resolved that be allowed at ssid sums, In full of such services:" and that accordingly the'sald sums wera ald to tho sald partics, nearly $0,000 (o 2rd, 7. 500 to Butler, and (wenty thousand dolldrs to Samuel J, Tuden. All this Mr, Tilden has been called upon from time to time to cxplain, but he has invariably managed to postpone his explanation, untll ho finally aucceeded in getting the Court to grant him time to file his definite answer to his com- laint unt(l after the adjournment of the St. ouls Convention. THE INDIANA SOUTIIERN. Who basely felgned hisveine to set, Who holds a few poor gudgeons yet, ‘While all the bijz fish rlin the nei? None but Sam Tilden, TIOW SAMMY TOCUS-POCUSED THE TROAD AND DISHONORED 118 TRUSTERSIIL. Cincinnati Enquirer (Democratic organ), June, 1870, In the glare of the calclun-light of fmpartial Investigation the hool-prints of Samuel J. Til- den are found in such devious and serpentine paths a5 were never trodden by the foot of a reformer. We bave been led to this conclusion of late by the cxposure of Incidents in the carcer of the favorite son of New York which Lave come to the lght of day, and the story we are about to relate more than confirms ft. The facts In the case have been earefully collated by arepresentative of the Evquirer, sent to Indi- ana for that especial purposc, and they will be found to be backed up by documentary evidence of & most corroborative character, TUE STORY OF A RAILWAY, 1In 1840, the Legislature of Indiana, by speclal act, chartered the Fort Wayne & Southern Rafl- way Compaay, a road desfgned to run between Fort Wayne and Jeflersonville, Ind, It wasal- 0 designed to extend the rond into Louiaville by means of a tuunel under the Obfo River, and a charter for that purpuse waus obtalned from the Legislature of “Kentueky, A speciul clause fn fta charter from the' the stato of In- dians dvurmlllcd stock subscriptions to it to e pald (n real catate, and the farmers of Allen, Wells, Blackford, Du\uwum. lh:ur{, Rush, De- catur, Jennings, Jellerson, Scotl, and Clark Countlea, under this pruvhlun tuok stock in the road to the amount of a third of a millton ot dullars. ‘The land thus_subscribed was couvey- ed {n trust to the Hou, John D, Delrees to be by him held for the benefit and security of the origlual bondholders, In 1853, work was com- menced on the road, and tue hearts of the farm- ers beat high in anticipation of the time when the fron Liorse would go snorting by thelr doors. The work of negotiating the bonds was a slow ane, and the Trustees of the road found a friend in the person of Johu C, Parker, who assisted them with loans and also {ndorsed their paper, In 1855, Mr. Parker was elected Presldent of the road, much sgainst bis will, and he at once sct atiout ralsing tiie means to completo the rond. With this ¢nd In view, Lie visited the East and made an_arrangemen with o well-known New York Custom-louse broker named Hertnan Livinzatone, who tovk $4,180,000 of the Company’s bonds to Europe to eudeavor tovaise the ncans on them to pur- chuse rafls to fron the road. Iu London Live ingstone met a certafin Willlam Racster Wag- staff, who had been a banker in Englaud and who was represcnted to blin tu be immenscly wealthy aud well-vessed in rallroads, he hay- {ng betn voncerned with Sir Morton Peto In many of his speculations. lelnfiltonu and Wagstall made s contruct by which the latter agreed to come to this country, to bring a clvll engineer with Lim, und assess the value of the work on the bed of the rond rlready mude, aud then, If all was satisfactory, to complete the road, Mr. Bolt, the Presidint of the Liverpool, London, avd Globe Insurance Company, of En- Elnml turnished Wagetaff with an order on the caucls oflice of his Company In New York for $73,000, aud soon after Mr, Wagstall, accompa- uied by a private secretary and'n elvil cogloeer, arrived {u the Enmpire City, LIONOKS TO WAQSTATP. Os Lty arrival In this country, biu was feted by Mr, Pel), the American m = — or 5 . 0ol, London, nnd Globe, and all tt?: "“n.ob‘:""on! 'w York were {uvited to meet him, Promi- nent among thosa who attended ber B: - nic Ma, en;?_l Consul at Nuw‘Yor;:ndc{haq}::, Bamuel J. Tilden. Mr, Parker, who had gone Fast for that especfal purpose, was also press ent, and mct the distincalshed Britiaher. The day nfter the fete Mr. Pell, 50 Mr. Parker says, informed him (Parker) that Mr. Livingstone waa not o man of suflicient standing, financially or othenwise, Lo be associated in n largo enter- prire like the construction of a rallroad, or to be asanciated with such a gentleman as Mr, Wag- stafl. This information, coupled with the fach that Livingstone had not given entire satisface tlon to Mr. Parker, and thepglnmar of the feto to Wagatafl, blinded Mr. Parker, and he at once dismissed Livingstone and made a fresh contract with Wagstaf?, without any further in. quiry into bis financial standing. 2 Mr. Wagsiailis engincor fond Hhat the F Mr. Wagstafl's engincer found that the Fort Wayne & Sonthern Road had graded its road-bed from Fort Wayne to Muncic, and from North Vernon to Jeflersonville, nd he estimated the value of the work done at about & milllon and a quarier of dollars. This was satiafactory, bud upon making an inventory of the bonds of the Company, handed down from the original offi- cers of the rond, it was dizcovered that 100 of them, each of the vatue of 81,000, were missing. In this dilemme it was resolved to forcclose the mortgages on the rozad, and to facilitate matters the Com nu{l(whlch 18 in reality John C, Parker) falled. By the use of s little crooked mvearin an order of Court was obtained In January, 1 and the road was sold after seven days’ mnotice, and safd notice only published in = "Louisville paper at that, The rond was bid In by Wagstail’a attorney, and in accordance with” the laws of the S8tate of Indiana a new company, known &s the Indiana Southern mfl- way Company, was formed, with WilliAm Powell, Jr.,, “as President, and Augustus Trcgemi, Becretary, anda Board of flve Trus- tees. ‘There men were but the figure-heads for Parker & Warstall. The effect of the salo was to transfer all Improvements, rights, and fran- chises of the old road to the new, excopting the control of the real estate subscribed for tho original stock. Wagstaflf next purchased Parker's Interest In the road for the sum of $750,000, and to secure the payment of this money he assigned to him his ioterest {n somo 3,001,000 of the road’s bonds. ESTER BAMUEL J. TILDEN, On the 25th of January, 1860, the Indisna Bouthern Rallrond executed a mortgage on alb the praperty that it then had or might scquire in the future, in favor of Samuel J. Tilden and Wiillam H, 8wilt, of New York, in order that ther might act as Trustees to nv.-iounte, sell, and account for $10,000,000 worth of bonds, which the Company was to fasue to ralse funds to complete the road. These parties had been recommended to Parker & Wagstalf by the American branch of the Liverpool, London, and Globe Insurance Company, TUR VALUE OF TILDEN'S NAME AND INVLU- ENCE. Betoro Messrs. Tilden and Swift would nceopt this trust thmefi required tobe palda bonus of £10,000 (35,000 each) for the usc of their names and {nfluence. They were alao to recelve fur- ther fit_compensation for thefr scrvices there- after. Their demand was complied with, and the money that pald them was part of a loan of £30,000 procured by Wagstafl from William 1L Gufon, of the firin of Willlams & Guion, of New York. SAMAMY AS A MODEL TRUBTEE. The $10,000,000 of bonds of the road_were Brat eigned by Willlam H, Powell, Jr., as Prosi- dent of the Company, and the Certlicate nt- tached to each of them twas signed by Tilden and 8wift, Of courne the Trustces were re- sponsiblo for these bonds, but for some reason unknown they permitted Wagstaff to box up 8,100,000 of thic bonds and take them to Enropa with him. The other $1,5600,000 were_given !.‘n the Liverpool, London, and Globe Insurance Company to sccure {t for some $120,000 it had lonned Wagstafl and the rond. In 1%«7. the in- terest on the bonds not belng paid, the Liver- ool, London, and Globe Insurance Company rought sult againat the Indiana Southern Rafl- road fo foreclose the mortgare. Wagstaf in the meantime had disclosed lils_real character, which wes that of an English Jeremy Diddler dead-beat, and bad hypotheeated ' $2,000,000 of the bonds to s London baok, and ‘the same amount to & Parls bank, to ralsc means _for hiz personal cxpenses, Hia ereditors {n England endeavored to force him into bankruptcy, and solzod the other §4,600,000 of-bonds. - Hefled t0 Russla to prevent tho completion of their plans. ‘When Parker found out how matters woro xalu% on, he ralscd tho questlon ns to the egnfll. of tho procecdings authorizing the sale of the road in 1860, and, upon investi- gatlon, It being proven that the same order o1 gale was obtalned by fraud, it was set nside. This effectually debarred the Liverpool, London, and Globe from further proccedings. In thelr dilemma they emnln{ed the wll;, crafty, sud unscrupulous Harry Crawford, of Chicaio, as their attorncy {n the case. 1lc wasalso retained oy Tilden and 8wift, and, as thelr attorney, bo brought in & cross-bill to open up the proceed. ings azain, on the ground that his clients (Tii- den and Swift) were non-residents of tho States interestced in the case, and had not been made parties to the proceedings sctting astde tho original decree of the Court. This was jn 1870. Between 1807 and 1870 the old Company had sold a quit-clalm title to its road-bed from Nortl Vernon to Jeflersonville to the 0. & M. Raflroad Company, and that %lxruun between Muncie and Fort/ Vnzlnc to the Fort Wayne, Muncle & Clo- cinnati Kallroad Company, and, of course, tt " Companies resisted Crawlford’s motion, TUR JUDICIAL BRMINN STAINBD, Just at this point our narrative bears hard upon a gentleman wnom we bave hitherto es- teemed highly, but who, If Mr, Parker's state- ment Is true,—and be gave it reluctantly,—hus disgraced himself for life. Tue charge as mado Is this: Judgo Patrick Jewett, onu of the Com- mon-Fleas Judges of the Fourth Judicial Dis- trict of Indiang, the man who hod made the original order of aale and fssued the decreo ret- ting it aside, and the man who waa to decide the crosg-action, said to Parker: *‘All tho devils fn Licll eould not get mo to set nalde that deerce, unless you want me to. If you want {t done, iou can make arrangements with Charley (the ud;ic's son); but you must hear one m{ug In mind, and, i you do arrange with him, I niust have $2,000 down.” Parker consulted with Crawford, and the result was that the followlng arrangement was made with Charley: Copy. This agreemont, ml&fl z‘;:’n]:mn of Auguat, 1870, between John C. Packer and Henry Crawford of the firet part, and Charles L. Jewett, of Lexlnz- ton, Scott County, Ind., of the sccond part, wite nestcth that, wheteay, thers Ia a suit now pending in the Common Pleas Court of Clark County, brought hy the Liverpool, Lond: and Glove In- surance Company, againat thu Fort Wayne & Southern Rallroad Couspany, the Indiana Soithern Rallway Campuny, suil oticrs, the ubject of which sult Is to declars to rizhts of sald Insuranca Coni- uny inand to the line of rallroads turmnl{h':- onging to the Forl Wayno & Suuthern Lallroad Company, and sold out under & decree of the said Clark Cominon Pleaa Court on Junu. 10, 1600, and conveyed under the sald decreo to’(ho Indiuns Southern Railroad Company, and by the wsid Iast-named corporation mosteaged i trust to William If_ Swift and Sumuel J. Tilden to secura the payment of §10,000,000 of bonds, 1,500 of which bonds were pledged to sald fnsurance Comie any to secure s loan of £20, 000,01l of which mat- ren aro ¥ol up in the cumL-lnlnt: und, wheres, tho sbove-numed John C, Parker and Ilwnr{ Crawford have become the owners of said 1, 50081, 000 bonds of thosala Indlans Southern Italiroad’ Company wubject to the sald pledye to vald 1nsurance cow- pany, and are deslrous of provecuting thu sald ac- tondn the #ald Clark Common Fleas Court to ob- tain a decree for a Itecoiver of all and singular the property mentloned fn the sald mortgage to Bwift and fliden, and also for a inal deceec for principal and intercet of sald £1,600 bunds and the sale of said ortgaged property to mtl-'ll thoe same, and have for that purpose employed, and do heraby he said Charles L. Jewett to use bis per- fco for fhe purgore of obtuiaing such or u Hecelver, an aforeasid. Now, therefore, the sald Charles 1. Jawelt sgreen to ove his bewl efforts and perdonal sorvices [n the obtalning such orders and decreea aforesald, {n the vald actlon in the Clark Common Pleas Court, and the sald p s of tho finst Ynn. in conslderation of the services of sald Jewelt {n rocuring the sald order for a Recolver. aud the gnll decree for the ,mmount of sald 1,500 bonde, and the sale of said property, do hereby ag:ce and biud themselvea upon the duo and leyal entry of such orders and decroes l.o&l{ on demsnd to the aald Jowett the sum of $20,000 in lawful money of the Unlted Siates, and also tho further amount of $50,000 bonds net of thu sald 1,600 buuds so owned hfihn wald parties of the frst part. Wite nesa the hundyand seals of sald parties, Joux C. Panues, lizxsy Crawranp, It will be observed that Mr. Charles L. Jew- ett's name {8 not aflixed to this docunent, Mr, Parker explaius this omission us tollows: When the paper was handed to Mr. Jewett for bis alg- vature, he exclalived: ‘ Uentlemen, Icapnut sign that; {6 might implleate the Judge, This s an hour of honor, I will keep mf bond, but [ must have some collateral sceurity thut tho money will bu“!mld me when the orderis set astde? Accor Ingvl( $3,000 In money was glyen him, und $18,000 In I, C, & L. I 1. bonds. Judge Jewett vacated the order necording to the above sgreement, but beforo he coutd render judgment and decree tho attorneys of the Ohlo &)hululppl Road smelled a mouse, and ob- tained & change of venue,und had the case taken befure Judge Lord. ‘The needed judg- ment and decres were obtuined from Judge Lord, and then Mr. Crawford, ucting for his other cllents, asked that hu be permitted to #ile a complalut for the Liverpool, London, and Globe Insurance Cotnpany fur the recovery .of judgment, nod a dcfitvu of forecloaurs und “salo ©of the Indlana Southiern Company, snd so this particular branch of the cuse ataiids at the pros- sent time. In 1873 the Liverpool, London, and Globe Jusurauce Cowpany of the tirst art, the employ, wonal decre Ind , ° auch final decres oy -